Parker-Hannifin (NYSE:PH) Given New $710.00 Price Target at Wells Fargo & Company

Parker-Hannifin (NYSE:PH - Get Free Report) had its price target cut by investment analysts at Wells Fargo & Company from $770.00 to $710.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an "overweight" rating on the industrial products company's stock. Wells Fargo & Company's price target indicates a potential upside of 11.75% from the company's previous close.

PH has been the subject of a number of other reports. TD Cowen raised their target price on shares of Parker-Hannifin from $520.00 to $575.00 and gave the stock a "hold" rating in a report on Tuesday, November 12th. Barclays upped their target price on Parker-Hannifin from $703.00 to $800.00 and gave the company an "overweight" rating in a report on Thursday, December 5th. Robert W. Baird lifted their price target on Parker-Hannifin from $695.00 to $710.00 and gave the stock an "outperform" rating in a research note on Friday, November 1st. Jefferies Financial Group upped their price objective on shares of Parker-Hannifin from $765.00 to $810.00 and gave the company a "buy" rating in a research note on Friday, December 6th. Finally, Stifel Nicolaus lowered shares of Parker-Hannifin from a "buy" rating to a "hold" rating and set a $691.00 price target on the stock. in a report on Monday, November 18th. Two research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $722.94.

Parker-Hannifin Stock Performance

Shares of NYSE:PH traded down $5.63 on Tuesday, hitting $635.37. The company's stock had a trading volume of 658,459 shares, compared to its average volume of 558,865. Parker-Hannifin has a 12 month low of $449.89 and a 12 month high of $712.42. The stock's 50-day moving average is $672.73 and its two-hundred day moving average is $611.17. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.57 and a current ratio of 0.96. The company has a market capitalization of $81.78 billion, a price-to-earnings ratio of 28.70, a price-to-earnings-growth ratio of 2.71 and a beta of 1.45.

Parker-Hannifin (NYSE:PH - Get Free Report) last posted its quarterly earnings data on Thursday, October 31st. The industrial products company reported $6.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.14 by $0.06. The business had revenue of $4.90 billion during the quarter, compared to analysts' expectations of $4.90 billion. Parker-Hannifin had a net margin of 14.47% and a return on equity of 27.95%. The business's revenue was up 1.2% on a year-over-year basis. During the same period last year, the firm posted $5.96 earnings per share. On average, equities research analysts forecast that Parker-Hannifin will post 26.75 EPS for the current year.

Insider Buying and Selling at Parker-Hannifin

In related news, CEO Jennifer A. Parmentier sold 4,906 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $704.69, for a total value of $3,457,209.14. Following the sale, the chief executive officer now directly owns 33,607 shares in the company, valued at $23,682,516.83. This trade represents a 12.74 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Thomas C. Gentile sold 2,430 shares of the company's stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $701.16, for a total transaction of $1,703,818.80. Following the completion of the sale, the vice president now directly owns 5,465 shares of the company's stock, valued at $3,831,839.40. The trade was a 30.78 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 18,077 shares of company stock valued at $12,303,829. 0.39% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Parker-Hannifin

Institutional investors have recently modified their holdings of the business. State Street Corp raised its stake in shares of Parker-Hannifin by 13.8% in the 3rd quarter. State Street Corp now owns 6,202,235 shares of the industrial products company's stock valued at $3,918,696,000 after purchasing an additional 753,143 shares during the period. Wellington Management Group LLP grew its stake in shares of Parker-Hannifin by 39.9% during the 3rd quarter. Wellington Management Group LLP now owns 1,977,849 shares of the industrial products company's stock worth $1,249,645,000 after acquiring an additional 564,365 shares in the last quarter. International Assets Investment Management LLC raised its holdings in shares of Parker-Hannifin by 64,081.5% in the third quarter. International Assets Investment Management LLC now owns 381,880 shares of the industrial products company's stock valued at $241,279,000 after purchasing an additional 381,285 shares during the last quarter. World Investment Advisors LLC bought a new stake in shares of Parker-Hannifin in the third quarter worth $226,570,000. Finally, Mizuho Securities USA LLC boosted its holdings in Parker-Hannifin by 3,566.4% during the third quarter. Mizuho Securities USA LLC now owns 363,302 shares of the industrial products company's stock worth $229,541,000 after purchasing an additional 353,393 shares during the last quarter. Institutional investors own 82.44% of the company's stock.

Parker-Hannifin Company Profile

Parker-Hannifin Corporation manufactures and sells motion and control technologies and systems for various mobile, industrial, and aerospace markets worldwide. The company operates through two segments: Diversified Industrial and Aerospace Systems. The Diversified Industrial segment offers sealing, shielding, thermal products and systems, adhesives, coatings, and noise vibration and harshness solutions; filters, systems, and diagnostics solutions to ensure purity and remove contaminants from fuel, air, oil, water, and other liquids and gases; connectors used in fluid and gas handling; and hydraulic, pneumatic, and electromechanical components and systems for builders and users of mobile and industrial machinery and equipment.